I have a few questions about jackpot payouts.
I've played a lot of VP but never hit a JP.
My highest win has been a SF (not RF).
So my questions are;
1 At what payout amount is the money reported to the IRS?
2 If a muliple hand play, like 3 hands or more, net a dealt RF, then
are the IRS reporting amount based on a one hand JP or the total of
all the hands.
3 Since some machines pay a reportable JP in credits and others require
a handpay,then why is there a difference or will reporting take place
at cashing out the ticket.
4 BTW, is it still possible to make a living playing VP?
Pay out rules
1 At what payout amount is the money reported to the IRS?
2 If a muliple hand play, like 3 hands or more, net a dealt RF, then
are the IRS reporting amount based on a one hand JP or the total of
all the hands.
3 Since some machines pay a reportable JP in credits and others require
a handpay,then why is there a difference or will reporting take place
at cashing out the ticket.
Strictly speaking, the net of all wins less all losses is supposed to be reported as taxable income. But, I think you mean, at what point does the casino report to the IRS. Its $1200 or more, regardless of whether thats a win on a single line or multiline. Don't think you'll find a machine that will just issue credits on a reportable win. The exception might be a high denomination where they turn the lockup off, but have an attendant recording each reportable win. For example, on a three coin $100 machine, a straight or higher is reportable.
Can't speak to making a living.
Jon
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HMMMM...maybe depends on how you want to live:)
Jackie <jackiek@ttlv.net> wrote: I have a few questions about jackpot payouts.
I've played a lot of VP but never hit a JP.
My highest win has been a SF (not RF).
So my questions are;
1 At what payout amount is the money reported to the IRS?
2 If a muliple hand play, like 3 hands or more, net a dealt RF, then
are the IRS reporting amount based on a one hand JP or the total of
all the hands.
3 Since some machines pay a reportable JP in credits and others require
a handpay,then why is there a difference or will reporting take place
at cashing out the ticket.
4 BTW, is it still possible to make a living playing VP?
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